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BULLETIN: Added Litigation Reserve Charges Will Not Affect J.P. Morgan Ratings Jul 04
Standard & Poors, July 2004
Abstract
NEW YORK (Standard & Poor's) July 21, 2004-Standard & Poor's Ratings Services said today that J.P. Morgan Chase & Co.'s (J.P. Morgan, A+/Stable/A-1) announcement that it had added $3.7 billion (pretax) to its litigation reserves was in line with Standard & Poor's expectations and will not affect J.P. Morgan's ratings. The charges represent less than a quarter's earnings for the combined J.P. Morgan and Bank One Corp. companies and should not impair the firm's future performance potential. J.P. Morgan is implicated in many of the same civil suits as Citigroup Inc. (Citigroup), so it is appropriate that it has also found the need to estimate the potential charges. Citigroup earlier added $7.9 billion (pretax) to its reserves. The fact that...
Companies mentioned in this report are: JPMorgan Chase & Co.,Bank One Corp.,Citigroup Inc.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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